Public enterprise reforms in India have been one of the most important variants of liberalization policy. The first major policy decision to reform public enterprises in the country was taken on July 24, 1991 and since then the process is on. Though the reforms are gradual yet for all intents and purposes the process seems irreversible. Since July 24, 1991 almost all the major political parties have either ruled the country or have extended support to the government from outside. Inspite of their differences across the type, sequencing and pace of reforms, none of the political parties has sought the reversal of the reforms. The eight-year period of public enterprise reforms can be divided into three phases (July, 1991period of public enterprise reforms can be divided into three phases (July, 1991April, 1996; June, 1996-February, 1998 ; March, 1998-April, 1999) on the basis of type and aims of the reforms. Each phase co-terminates with the tenure of the government. The objective of this paper is to analyze phase wise public enterprise reforms in India.